The TAG Heuer Connected Full Diamonds justifies its price tag with 23.35 carats of diamond and 18K white gold.

Despite its cost, the watch’s specs may not impress enthusiasts as its innards are fairly standard Android Wear 2.0 fare. Additionally, it runs on an Intel Atom Z34XX processor, which will likely become obsolete within a few years. However, the Connected Full Diamonds qualifies for the same trade-in program that TAG Heuer offers on all of its watches.

This means buyers should be able to swap out their failing batteries and processors to squeeze more mileage out of the watch.

The Connected Full Diamonds has the same innards as the earlier-released Connected 45 model, which retails at around $1600 USD. The manufacturer also revealed a smaller, more affordable model of the 45 called the Modular 41 at SIHH.

However, the smartwatch industry is no stranger to lavish products. Apple’s special edition solid gold and ceramic Apple Watches retail for $17,000 and $1300 USD (around $210,000 and $1700 CAD) respectively, and the Breitling Exospace B55 sells for just shy of $9,000 USD (around $10,500 in Canada) as well.